May 24, 2012

Field Hearing Discusses Prepaid Card Rule

Following publication of a prepaid card Advance Notice of Proposed Rulemaking, the CFPB held a field hearing in Durham, N.C. (webcast), to solicit public feedback. According to CFPB Director Richard Cordray, the bureau “is asking for input on how we can make the costs and risks of prepaid cards clearer and more accessible for consumers.” Cordray added, the bureau will use the input to determine how it “should go about regulating prepaid cards to better protect consumers and to provide clear rules for prepaid providers.

Sen. Kay R. Hagan, D-N.C., applauded the bureau for hosting the hearing, stating that whether “applying for a mortgage, paying off student loans or choosing a credit card, American consumers need and deserve products and services that are safe and transparent.”